Commerce Bancshares, Inc. (NASDAQ:CBSH) insider Michael J. Petrie sold 1,379 shares of the firm’s stock in a transaction dated Thursday, April 20th. The shares were sold at an average price of $56.64, for a total value of $78,106.56. Following the transaction, the insider now directly owns 14,191 shares in the company, valued at $803,778.24. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink.
Michael J. Petrie also recently made the following trade(s):
- On Wednesday, February 1st, Michael J. Petrie sold 980 shares of Commerce Bancshares stock. The shares were sold at an average price of $56.60, for a total value of $55,468.00.
Shares of Commerce Bancshares, Inc. (NASDAQ:CBSH) traded up 0.13% during mid-day trading on Friday, reaching $55.04. 216,081 shares of the company’s stock traded hands. The firm has a market capitalization of $5.60 billion, a price-to-earnings ratio of 20.58 and a beta of 0.74. Commerce Bancshares, Inc. has a 12-month low of $42.44 and a 12-month high of $60.61. The stock has a 50-day moving average price of $56.14 and a 200 day moving average price of $54.76.
Commerce Bancshares (NASDAQ:CBSH) last posted its earnings results on Thursday, April 13th. The financial services provider reported $0.68 EPS for the quarter, beating the Zacks’ consensus estimate of $0.65 by $0.03. Commerce Bancshares had a net margin of 23.19% and a return on equity of 11.65%. The company earned $295.30 million during the quarter, compared to analysts’ expectations of $298.61 million. During the same quarter in the prior year, the company posted $0.62 earnings per share. Commerce Bancshares’s revenue for the quarter was up 4.4% compared to the same quarter last year. Analysts anticipate that Commerce Bancshares, Inc. will post $2.83 EPS for the current fiscal year.
The company also recently announced a quarterly dividend, which will be paid on Monday, June 26th. Investors of record on Friday, June 9th will be given a dividend of $0.225 per share. The ex-dividend date is Wednesday, June 7th. This represents a $0.90 dividend on an annualized basis and a yield of 1.64%. Commerce Bancshares’s payout ratio is 34.44%.
A number of large investors have recently bought and sold shares of CBSH. Norges Bank purchased a new stake in Commerce Bancshares during the fourth quarter worth approximately $44,629,000. The Manufacturers Life Insurance Company purchased a new stake in Commerce Bancshares during the third quarter worth approximately $30,961,000. AQR Capital Management LLC boosted its stake in Commerce Bancshares by 58.4% in the fourth quarter. AQR Capital Management LLC now owns 873,781 shares of the financial services provider’s stock worth $50,514,000 after buying an additional 322,057 shares during the last quarter. State Street Corp boosted its stake in Commerce Bancshares by 3.9% in the fourth quarter. State Street Corp now owns 6,095,893 shares of the financial services provider’s stock worth $352,407,000 after buying an additional 229,173 shares during the last quarter. Finally, BlackRock Fund Advisors boosted its stake in Commerce Bancshares by 4.3% in the third quarter. BlackRock Fund Advisors now owns 3,149,247 shares of the financial services provider’s stock worth $155,132,000 after buying an additional 130,170 shares during the last quarter. 57.14% of the stock is owned by institutional investors.
A number of research analysts have recently issued reports on the company. Wells Fargo & Co assumed coverage on Commerce Bancshares in a research note on Friday, January 6th. They set a “market perform” rating on the stock. Zacks Investment Research upgraded shares of Commerce Bancshares from a “hold” rating to a “buy” rating and set a $64.00 target price for the company in a report on Tuesday, March 21st. Keefe, Bruyette & Woods reiterated a “sell” rating and set a $46.00 target price on shares of Commerce Bancshares in a report on Wednesday, April 5th. Jefferies Group LLC reiterated a “hold” rating and set a $61.00 target price on shares of Commerce Bancshares in a report on Tuesday, April 4th. Finally, Barclays PLC dropped their target price on shares of Commerce Bancshares from $55.00 to $54.00 and set an “equal weight” rating for the company in a report on Tuesday, April 11th. Two research analysts have rated the stock with a sell rating and seven have given a hold rating to the company. The stock currently has an average rating of “Hold” and an average target price of $53.29.
About Commerce Bancshares
Commerce Bancshares, Inc is a bank holding company of Commerce Bank (the Bank). The Bank is engaged in general banking business, providing a range of retail, mortgage banking, corporate, investment, trust and asset management products and services to individuals and businesses. The Company operates through three segments: Consumer, Commercial and Wealth.
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